Van ECK Associates Corp Purchases 935,860 Shares of Ovintiv Inc. $OVV

Van ECK Associates Corp raised its position in shares of Ovintiv Inc. (NYSE:OVV) by 119.7% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,717,400 shares of the company’s stock after purchasing an additional 935,860 shares during the period. Van ECK Associates Corp’s holdings in Ovintiv were worth $90,421,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of OVV. Steph & Co. purchased a new stake in shares of Ovintiv in the 1st quarter worth about $29,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Ovintiv in the 2nd quarter worth about $32,000. Aberdeen Wealth Management LLC purchased a new position in Ovintiv during the 2nd quarter valued at about $32,000. Los Angeles Capital Management LLC purchased a new position in Ovintiv during the 4th quarter valued at about $46,000. Finally, Deseret Mutual Benefit Administrators boosted its stake in Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after acquiring an additional 287 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Royal Bank Of Canada upped their price objective on shares of Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. Mizuho lifted their target price on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. National Bank Financial boosted their price target on Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Texas Capital upgraded Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. Finally, Morgan Stanley set a $67.00 price target on Ovintiv in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and a consensus price target of $66.89.

Ovintiv Stock Down 0.9%

NYSE:OVV opened at $64.59 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market cap of $17.79 billion, a P/E ratio of 18.25 and a beta of 0.53. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $67.44. The firm has a 50-day simple moving average of $59.32 and a two-hundred day simple moving average of $56.90.

Ovintiv (NYSE:OVV) last issued its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. Analysts predict that Ovintiv Inc. will post 7.09 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 annualized dividend and a yield of 1.9%. Ovintiv’s dividend payout ratio is 33.90%.

Insider Transactions at Ovintiv

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the sale, the executive vice president directly owned 72,530 shares in the company, valued at approximately $4,592,599.60. This trade represents a 9.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.85% of the company’s stock.

Ovintiv Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.